CCT and CapitaLand intend to jointly develop Market Street Car Park into an ultra-modern Grade A office tower

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FOR IMMEDIATE RELEASE CCT and CapitaLand intend to jointly develop Market Street Car Park into an ultra-modern Grade A office tower - Project estimated to cost S$1.

1 FOR IMMEDIATE RELEASE CCT and CapitaLand intend to jointly develop Market Street Car Park into an ultra-modern Grade A office tower - Project estimated to cost S$1.4 billion and designed by the internationallyacclaimed architect, Toyo Ito Singapore, 19 April 2011 CapitaCommercial Trust Management Limited (CCTML), the Manager of CapitaCommercial Trust (CCT or Trust), and CapitaLand Commercial Limited (CapitaLand), the commercial strategic business unit of CapitaLand Limited, are pleased to announce the intention to jointly redevelop Market Street Car Park (the Property) into an ultramodern Grade A office tower. As owner of the Property, the Trust has obtained provisional permission for the proposed redevelopment from Urban Redevelopment Authority and recently received an indication from Singapore Land Authority of the differential premium which would be payable for the Property s change of land use based on the unexpired land lease of 62 years. Including this, the total project cost for the redevelopment of the Property into an ultra-modern office tower is estimated to be S$1.4 billion. Based on this figure, the development is considered financially viable with the stabilised yield from the completed development expected to exceed 6% per annum. Under the MAS property funds guidelines for Singapore REITs, the Trust may only develop projects the total cost of which must not exceed 10% of its total asset size. As the estimated total project cost will exceed such limit, the Manager is in discussion with CapitaLand for the proposed joint redevelopment of the property by way of a special purpose vehicle in which CCT will own a 40% interest and CapitaLand the balance. The design of the new office tower is being led by the internationally-acclaimed, award-winning Japanese architect, Mr Toyo Ito. The proposed redevelopment is expected to be completed before the end of

2 The proposed partnership between the Trust and CapitaLand will be an interested person transaction for the Trust and will be subject to the obtaining of the requisite corporate approvals, the finalisation of the arrangement of the optimal financing structure for the redevelopment, and the completion of the joint venture agreement. An announcement will be made by the Trust when the joint venture is established. Mr Richard Hale, Chairman of the Manager said, We are proactively seeking to enhance the value of the Trust. After evaluating various factors and the financial viability, we intend, in partnership with CapitaLand, to redevelop Market Street Car Park into an ultra-modern Grade A office tower. Given its financial strength and established track record, we believe CapitaLand is the best partner for the Trust. Mr Chong Lit Cheong, Chief Executive Officer of CapitaLand Commercial Limited said, Partnering with CCT to redevelop Market Street Car Park reinforces CapitaLand s focus on commercial properties in Singapore and its position as one of the leading owners and managers of office properties in Singapore s Central Area. CCT, a leading landlord in Singapore s office market, is one of the real estate investment trusts sponsored by CapitaLand which we are interested in growing. The proposed partnership presents a good opportunity for us to lend our support to CCT, resulting in a win-win position for both entities. Ms Lynette Leong, Chief Executive Officer of the Manager said, The strategically sited Market Street Car Park in the Raffles Place area is a prime location for a new Grade A office tower with high quality specifications that cater to the modern needs of office tenants. Having considered the unexpired land lease, estimated project cost, potential office market rent and there being no other new Grade A office building completing in 2014 in the core Central Business District (CBD) area, we believe that a Grade A office tower is the best use for the site. The estimated total project development cost of S$1,900 per square foot (on net lettable area basis) is considerably lower than the recently transacted prices of Grade A office buildings. The redevelopment will generate higher value for the Trust, which is in line with our portfolio reconstitution strategy. We will be able to fund the redevelopment through the Trust s internal cash resources and debt, keeping pro forma gearing below 31% which still gives us financial flexibility to seek other acquisition opportunities for further growth. 2

3 Market Street Car Park was the first multi-storey public car park built in 1964 to serve the parking needs of the financial district, as part of Singapore s urbanisation programme then. Presently, the redevelopment of the Property into a new Grade A office tower will ensure that its land use is maximised to serve the growing needs of tenants for premium office space in the CBD. The planning of this redevelopment to an office building has been ongoing for more than 15 years but it was only in early 2008 that outline planning permission was granted by the authorities. However, the Manager deferred the proposed redevelopment in 2009 due to the global financial crisis. The new office tower is now estimated to provide a gross floor area (GFA) of 887,000 square feet (including bonus GFA) with floor plates of 20,000 to 25,000 square feet. Scheduled for completion before the end of 2014, the completed office tower will soar to a height of 245 metres, well above the height of the surrounding buildings, and be an exciting addition to the skyline of Singapore s CBD. Market Street is in close proximity to Raffles Place, Singapore s historically prominent banking and commercial hub, and the new Marina Bay area, an extension of the CBD. It also offers excellent connectivity to public transportation including Raffles Place mass rapid transit (MRT) Station, a key MRT interchange in Singapore, and the downtown extension of the MRT at the future Cross Street Station. Currently, no other new major office buildings are scheduled for completion in Singapore s CBD in The new office tower at Market Street could fulfill the demand during this period. It will enlarge the Trust s portfolio in the Raffles Place area and strengthen its position as a dominant office owner. Meanwhile, the Trust has started tenants engagement to give them notice to vacate the building. Tenants at the Property have been informed that they will have to vacate the property by 15 June Alternative premises within the vicinity have been listed for tenants consideration and other forms of assistance are being worked out. Season car parkers will also receive notification to start sourcing for alternative car parking. END 3

4 About Market Street Car Park Market Street Car Park is an eight-storey building bounded by Market Street, Cross Street and Cecil Street and located diagonally opposite the Lau Pa Sat Festival Market. Currently a downtown landmark due to its strategic location, it is sited close to Raffles Place, Singapore's financial and commercial hub, and is less than five-minute walk away from the Raffles Place MRT interchange station. The car park has a net lettable area of 25,400 square feet of retail space and 704 car park lots. The first and second storeys of the building currently house 23 tenants with a business mix comprising fashion, lifestyle, food and beverage and convenience services. About CapitaLand Group ( CapitaLand is one of Asia s largest real estate companies. Headquartered and listed in Singapore, the multi-local company's core businesses in real estate, hospitality and real estate financial services are focused in growth cities in Asia Pacific and Europe. The company's real estate and hospitality portfolio, which includes homes, offices, shopping malls, serviced residences and mixed developments,spans more than 110 cities in over 20 countries. CapitaLand also leverages on its significant asset base, real estate domain knowledge, financial skills and extensive market network to develop real estate financial products and services in Singapore and the region. The listed entities of the CapitaLand Group include Australand, CapitaMalls Asia, CapitaMall Trust, CapitaCommercial Trust, Ascott Residence Trust, CapitaRetail China Trust, CapitaMalls Malaysia Trust and Quill Capita Trust. 4

5 About CapitaCommercial Trust ( CapitaCommercial Trust is Singapore s first listed commercial REIT with a market capitalisation of S$4.0 billion based on the last traded price of S$1.42 per unit on 18 April CCT aims to own and invest in real estate and real estate-related assets which are income producing and used, or predominantly used, for commercial purposes. The total asset size of CCT is S$6.0 billion as at 31 March 2011, comprising a portfolio of nine prime properties in Singapore, as well as investments in Malaysia. The properties in Singapore are Capital Tower, Six Battery Road, One George Street, HSBC Building, Raffles City (60% interest through RCS Trust), Bugis Village, Wilkie Edge, Golden Shoe Car Park and Market Street Car Park. In addition, CCT is a substantial unitholder of Quill Capita Trust with 30% unitholdings and has taken a 7.4% stake in the Malaysia Commercial Development Fund Pte. Ltd. (MCDF). Quill Capita Trust is a commercial REIT listed on Bursa Malaysia Securities Berhad, with a portfolio of ten commercial properties in Kuala Lumpur, Cyberjaya and Penang. MCDF is CapitaLand s first and largest Malaysia private real estate fund with a focus on real estate development properties primarily in Kuala Lumpur and the Klang Valley, Malaysia. Effective from 18 September 2009, CCT is a constituent of FTSE4Good Index Series (FTSE4Good), a series of benchmark and tradable indices derived from the globally recognised FTSE Global Equity Index Series. FTSE4Good is designed to track the performance of companies meeting international corporate responsibility standards and forms the basis for over 70 different funds and investment products. CCT is managed by an external manager, CapitaCommercial Trust Management Limited, which is an indirect wholly-owned subsidiary of CapitaLand Limited, one of the largest real estate companies in Southeast Asia by market capitalisation. Issued by CapitaLand Limited (Company Registration no.: N) and CapitaCommercial Trust Management Limited (Company registration no.: W) 5

6 CapitaLand Limited Analyst Contact Harold Woo Investor Relations DID: (65) Media Contact Alicia Neo Corporate Communications DID: (65) Mobile: (65) CapitaCommercial Trust Analyst and Media Contact Ho Mei Peng Investor Relations & Communications DID: (65) Mobile: (65) Important Notice This release may contain forward-looking statements that involve assumptions, risks and uncertainties. Actual future performance, outcomes and results may differ materially from those expressed in forward-looking statements as a result of a number of risks, uncertainties and assumptions. Representative examples of these factors include (without limitation) general industry and economic conditions, interest rate trends, cost of capital and capital availability, competition from similar developments, shifts in expected levels of occupancy or property rental income, changes in operating expenses, including employee wages, benefits and training, governmental and public policy changes and the continued availability of financing in the amounts and the terms necessary to support future business. You are cautioned not to place undue reliance on these forward looking statements, which are based on current view of management on future events. 6

CapitaLand, CCT, and MEA sign joint-venture agreement to redevelop Market Street Car Park into Grade A office tower

NEWS RELEASE For Immediate Release 14 July 2011 CapitaLand, CCT, and MEA sign joint-venture agreement to redevelop Market Street Car Park into Grade A office tower Singapore, 14 July 2011 CapitaLand Commercial